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By Steven Rattner
Published: May 23 2011 21:01 | Last updated: May 23 2011 21:01
Here we go again. Barely more than a decade since the last internet bubble deflated, valuations for digital businesses are again rocketing skyward, a frothiness eerily similar to the last round of irrational exuberance. Once more, Silicon Valley shows every sign of considering itself to be the centre of the universe.
Venture funds, parched from a decade of drought, are again besieged by eager investors and are, in turn, just as eagerly vying to fling their capital at youthful entrepreneurs. Megabillionaires "“ at least on paper "“ are being minted at dizzying speed, often seemingly overnight. The sizzle and new wealth has pushed Valley real estate to startling heights; one "home" recently sold for $100m to a Russian venture capitalist who had amassed a Facebook fortune.
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